SC made a number of suggestions to prevent the liquidation of viable residential projects.
- The Right to Shelter in India is recognised as a fundamental right under the broader ambit of the Right to Life guaranteed by Article 21.
Challenges in the Housing Sector in India
- Shrinking Share of Affordable Housing: Once accounting for more than half of all new launches in 2018, affordable homes now make up just 17% of supply.
- Stalled Projects and Systemic Issues: Over 5 lakh units across 44 cities have been stalled due to financial mismanagement by real estate developers.
- High Price of Land: Only 0.2 per cent of the national land mass is occupied by the top ten cities in India.
- Lack of Uniformity in RERA Rules: State-specific rules create challenges.
Key SC Recommendations
- The Union government can consider establishing a revival fund under NARCL (National Asset Reconstruction Company Ltd) and expanding the SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund.
- Creation of a Corporate Body for Stalled Projects similar to NARCL, be created.
- To bring uniformity in RERA (Real Estate (Regulation and Development) Act) Rules across states.
- Directed the constitution of a committee, to be chaired by a retired High Court Judge.
